Though an income of Rs 1 crore per year is indeed a big sum, in a country like India, there should have been more number of people with this income in a year; but only 1.5 lakh people or above have declared their annual income over Rs 1 crore till now during the assessment year 2018-19, the Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said on Thursday. He said this on the sidelines of an an event organised by ASSOCHAM.
“The department is detecting under-declaration of income through an analysis of consumption patterns,” Chandra said.
Click Here: NRL Telstra Premiership
Mr Chandra added that many people who declared income above Rs 1 crore were from salaried class, but many firms don’t report income about a limit and this doesn’t match with expenditure patterns being reported in the economy.